银行业10月金融数据点评：居民融资需求改善，M1跌幅收窄

Investment Rating - The industry investment rating is "In line with the market" [1] Core Viewpoints - Improvement in resident financing demand is observed, with new resident loans increasing by 160 billion yuan in October, a year-on-year increase of 194.6 billion yuan [3][5] - Corporate loan demand remains weak, with new corporate loans of 130 billion yuan in October, a year-on-year decrease of 386.3 billion yuan [9] - M1 and M2 indicators show signs of recovery, with M2 growth rate at 7.5%, the highest in seven months, and M1 decline narrowing to -6.1% [4][12] Summary by Sections Financial Data Overview - As of the end of October 2024, the total RMB loan balance is 254.10 trillion yuan, with a year-on-year growth of 7.98% [5] - In October, RMB loans increased by 500 billion yuan, a decrease of 238.4 billion yuan compared to the previous year [5] Resident Financing - New resident loans in October totaled 160 billion yuan, with short-term loans increasing by 49 billion yuan and medium to long-term loans by 110 billion yuan [3][8] - The improvement in short-term loans is attributed to consumption subsidies and events like "Double Eleven" [3] Corporate Financing - New corporate loans decreased significantly, with short-term loans down by 190 billion yuan and medium to long-term loans down by 1.7 trillion yuan [9] - The decline in corporate loans is linked to the acceleration of resolving local hidden debts and ongoing pressure on infrastructure investments [9] Monetary Indicators - M2 growth rate increased to 7.5%, while M1's decline narrowed to -6.1%, indicating improved liquidity conditions [4][12] - The total RMB deposit balance reached 301.48 trillion yuan, with a year-on-year growth of 7.0% [12] Investment Recommendations - The report suggests focusing on state-owned banks with stable earnings and high dividends, such as China Construction Bank, while monitoring the effects of fiscal policies and economic expectations [16]